Guideline Value for Nehru Nagar Veerapandia Kattabomman Street

Nehru Nagar Veerapandia Kattabomman Street guideline value

The current guideline value of Nehru Nagar Veerapandia Kattabomman Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Nehru Nagar Veerapandia Kattabomman Street has changed

The guideline value for Nehru Nagar Veerapandia Kattabomman Street has seen several revisions over the years. In 2012, the guideline value was Rs 3,500 per sq.ft, which changed to Rs 2,345 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, representing a 49% rise. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that Nehru Nagar Veerapandia Kattabomman Street's guideline value is below that median.

• Nehru Nagar Thiru. V.K. Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Veera Vanchinathan Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Thiruvalluvar Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar (S.No.299/2E): Rs 4,400 per sq.ft (2024)
• Nehru Nagar Sathiyavani Muthu Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Sathiyamurthi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar Veerapandia Kattabomman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at a rate of 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Nehru Nagar Veerapandia Kattabomman Street?

The Sub Registrar Office that covers Nehru Nagar Veerapandia Kattabomman Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a critical factor during the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that must be paid, ensuring that these fees are based on a standardized value set by the government.

When a property is sold, the buyer and seller must consider the guideline value for the calculation of these fees, which are mandatory at the time of registration. This ensures transparency and uniformity in property transactions within the region.

Frequently asked questions

What is the current guideline value of Nehru Nagar Veerapandia Kattabomman Street?

The current guideline value of Nehru Nagar Veerapandia Kattabomman Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, an increase of 10%. From 2017 to 2023, it rose from Rs 2,345 per sq.ft to Rs 3,500 per sq.ft, a 49% increase.

What is the land classification for this street?

Nehru Nagar Veerapandia Kattabomman Street is classified as Residential Class II Type - III, indicating its designation for residential purposes.

Where can I find the registration office for this area?

The registration office for Nehru Nagar Veerapandia Kattabomman Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.